Argentina government suggests cap on meat prices

Their goal is to tamp down high inflation
calendar icon 16 August 2023
clock icon 2 minute read

Argentina's government is in talks with the country's meat sector to cap prices in a bid to tamp down inflation running at near 116% and after a sharp devaluation of the peso currency earlier this week, Reuters reported, citing the government on Tuesday.

The secretary of agriculture Juan José Bahillo said in a tweet that negotiations were ongoing, though denied earlier reports of a temporary ban on meat exports.

"Our responsibility as public officials is to bring certainty to the productive sectors and tranquility to the people," Bahillo said.

"We are negotiating meat prices for the domestic market and there are no suspensions on meat exports."

A government source had earlier told Reuters that Argentina, one of the world's top food exporters, would suspend meat exports for 15 days until it had struck an agreement with the sector over prices. Argentines are one of the world's top consumers of beef, making its price politically sensitive.

"Without agreement, there will be no export permits," the government source had said, asking not to be named.

Argentina is facing a tense three-way battle in presidential elections to be held in October after an upset in primaries on Sunday saw a dark horse radical gain the largest share of the vote, with the ruling Peronist coalition in overall third place.

Argentina's meat export chamber Consorcio ABC did not immediately respond to a request for comment.

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